S&P: Promsvyazbank up to positive

Standard & Poor's said it revised its outlook on Promsvyazbank JSCB to positive from stable. At the same time, the B- long-term and C short-term counterparty credit ratings were affirmed.

S&P said the rating action is driven by the ongoing improvement in the financial and commercial profile of the bank, including a more solid revenue base and adequate capitalization.

The ratings continue to be constrained by the bank's funding weaknesses, a concentrated loan portfolio and the still-risky operating environment in Russia, according to S&P.

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